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Kmart files for bankruptcy

Published Tuesday, January 22, 2002

As anticipated by many economists, discount retailer Kmart Corp. filed for Chapter 11 bankruptcy protection today. The Warren, MI-based company also has secured a $2 billion senior secured debtor-in-possession financing facility from Credit Suisse First Boston, Fleet Retail Finance Inc., General Electric Capital Corp. and JPMorgan Chase Bank. "We are determined to complete our reorganization as quickly and smoothly as possible, while taking full advantage of this chance to make a fresh start and reposition Kmart for the future," Kmart CEO Chuck Conaway said. The move came a day after Fleming Cos., a major food distributor, said it had ...

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